Kinvena Homes Limited - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: 01833364 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 March 2017

for

Kinvena Homes Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Chartered Accountants' Report

8

DIRECTORS:

Mrs M B Kinch

S F Kinch

Mrs T J Coulson

SECRETARY:

Mrs T J Coulson

REGISTERED OFFICE:

The Elms

Torksey

Lincoln

Lincolnshire

LN1 2EH

REGISTERED NUMBER:

01833364 (England and Wales)

ACCOUNTANTS:

Wright Vigar Limited

Chartered Accountants & Business Advisers

Britannia House

Marshall's Yard

Gainsborough

Lincolnshire

DN21 2NA

FIXED ASSETS

Tangible assets

4

3,869,425

4,696,497

Investments

5

1

1

Investment property

6

2,534,745

514,745

6,404,171

5,211,243

CURRENT ASSETS

Stocks

1,214,547

1,420,726

Debtors

7

223,852

220,287

Cash in hand

200

200

1,438,599

1,641,213

CREDITORS

Amounts falling due within one year

8

2,503,901

2,541,866

NET CURRENT LIABILITIES

(1,065,302

)

(900,653

)

TOTAL ASSETS LESS CURRENT LIABILITIES

5,338,869

4,310,590

PROVISIONS FOR LIABILITIES

266,642

43,465

NET ASSETS

5,072,227

4,267,125

CAPITAL AND RESERVES

Called up share capital

10

10,080

10,080

Share premium

322,306

322,306

Revaluation reserve

11

930,724

930,724

Retained earnings - investment property

1,153,859

328,718

Retained earnings

2,655,258

2,675,297

SHAREHOLDERS' FUNDS

5,072,227

4,267,125

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2017 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 24 October 2017 and were signed on its behalf by:

S F Kinch - Director

Mrs T J Coulson - Director

1.	STATUTORY INFORMATION

Kinvena Homes Limited is a private company, limited by shares , registered in England and Wales. The

company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold land

-

not provided

Buildings

-

2% on cost

Plant and machinery

-

25% on reducing balance and 15% on reducing balance

Fixtures and fittings

-

25% on reducing balance and 15% on reducing balance

Motor vehicles

-

25% on cost, 25% on reducing balance and 20% on reducing balance

Computer equipment

-

25% on cost

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in

fair value is recognised in profit or loss.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow

moving items.

Turnover on long term contracts is determined on the basis of directors' valuation of the work completed.

Operating profit includes attributable profit on long term contracts completed and amounts recoverable on

contracts uncompleted, the latter being also included under debtors within one year.

Payments on account in excess of work done are included in creditors within one year.

Attributable profit is the realisable value of work completed, as valued by the directors, after deducting

foreseeable losses less costs incurred.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to

the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws

that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal

of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they

will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 17 .

4.	TANGIBLE FIXED ASSETS

Freehold

Plant and

land

Buildings

machinery

£

£

£

COST

At 1 April 2016

2,239,233

2,838,461

546,109

Additions

8,958

410,434

25,079

Disposals

(152,077

)

-

-

Reclassification/transfer

(830,723

)

(227,065

)

-

At 31 March 2017

1,265,391

3,021,830

571,188

DEPRECIATION

At 1 April 2016

-

597,106

474,932

Charge for year

-

54,087

22,142

Eliminated on disposal

-

-

-

Reclassification/transfer

-

(36,307

)

-

At 31 March 2017

-

614,886

497,074

NET BOOK VALUE

At 31 March 2017

1,265,391

2,406,944

74,114

At 31 March 2016

2,239,233

2,241,355

71,177

Fixtures

and

Motor

Computer

fittings

vehicles

equipment

Totals

£

£

£

£

COST

At 1 April 2016

94,799

258,735

62,749

6,040,086

Additions

-

40,090

817

485,378

Disposals

-

(22,300

)

-

(174,377

)

Reclassification/transfer

-

-

-

(1,057,788

)

At 31 March 2017

94,799

276,525

63,566

5,293,299

DEPRECIATION

At 1 April 2016

68,960

140,740

61,851

1,343,589

Charge for year

3,877

43,305

708

124,119

Eliminated on disposal

-

(7,527

)

-

(7,527

)

Reclassification/transfer

-

-

-

(36,307

)

At 31 March 2017

72,837

176,518

62,559

1,423,874

NET BOOK VALUE

At 31 March 2017

21,962

100,007

1,007

3,869,425

At 31 March 2016

25,839

117,995

898

4,696,497

The company has taken advantage of the FRS 102 transitional relief to use deemed cost on an item of property,

plant and equipment.

Land and buildings for the Elms site includes historical revaluations totalling £930,724

During the year some of the freehold land and buildings were reclassified to investment property due to a change

of use.

5.	FIXED ASSET INVESTMENTS

Other

investments

£

COST

At 1 April 2016

and 31 March 2017

1

NET BOOK VALUE

At 31 March 2017

1

At 31 March 2016

1

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 April 2016

514,745

Additions

34,358

Revaluations

1,027,901

Reclassification/transfer

957,741

At 31 March 2017

2,534,745

NET BOOK VALUE

At 31 March 2017

2,534,745

At 31 March 2016

514,745

Fair value at 31 March 2017 is represented by:

£

Valuation in 2015

328,719

Valuation in 2017

1,027,902

Cost

1,178,124

2,534,745

If investment properties had not been revalued they would have been included at the following historical cost:

2017

2016

£

£

Cost

1,178,124

186,026

Investment property was valued on an open market basis on 31 March 2017 by Stuart Kinch .

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

44,844

106,148

Other debtors

179,008

114,139

223,852

220,287

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Bank loans and overdrafts

1,442,641

1,463,455

Hire purchase contracts

3,413

4,875

Trade creditors

151,141

156,051

Taxation and social security

48,904

88,278

Other creditors

857,802

829,207

2,503,901

2,541,866

9.	SECURED DEBTS

The following secured debts are included within creditors:

2017

2016

£

£

Bank overdrafts

1,442,641

1,463,455

Hire purchase contracts

3,413

4,875

1,446,054

1,468,330

10.	CALLED UP SHARE CAPITAL

Allotted and issued:

Number:

Class:

Nominal

2017

2016

value:

£

£

10,080

Ordinary

£1

10,080

10,080

11.

RESERVES

Revaluation

reserve

£

At 1 April 2016

and 31 March 2017

930,724

12.	FIRST YEAR ADOPTION

Transitional relief

On transition to FRS 102, the company has taken advantage of the following transitional relief:

•

to use a previous GAAP revaluation as deemed cost on an item of property, plant and equipment.

The following reproduces the text of the report prepared for the directors in respect of the company's annual

unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to

file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements

and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the

financial statements of Kinvena Homes Limited for the year ended 31 March 2017 which comprise the Income

Statement, Balance Sheet and the related notes from the company's accounting records and from information and

explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Kinvena Homes Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Kinvena Homes Limited and state those matters that we have agreed to state to the Board of Directors of Kinvena Homes Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Kinvena Homes Limited Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Kinvena Homes Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Kinvena Homes Limited. You consider that Kinvena Homes Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Kinvena Homes Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Wright Vigar Limited

Chartered Accountants & Business Advisers

Britannia House

Marshall's Yard

Gainsborough

Lincolnshire

DN21 2NA

Date: .............................................